ASA Statement on China Targeting the Federal Reserve
WASHINGTON, D.C. - Today, the American Securities Association (ASA) released a statement in response to Senate Homeland Security and Governmental Affairs Committee Ranking Member Sen. Rob Portman’s (R-OH) report titled ‘China’s Threat to the Fed: Chinese Influence and Information Theft at U.S. Federal Reserve Banks’ outlining China’s malign efforts to target and undermine the U.S. Federal Reserve.
“It should come as no surprise that China continues to use any means necessary to target our financial system and government institutions,” ASA CEO Chris Iacovella said. “This report further amplifies how unnecessary it is to expose the personal and financial information of American retail investors to a centralized database in Washington. Again, we call on the SEC to end the consolidated audit trial’s (CAT) collection of this information from American investors, and we thank Senator Portman for highlighting the Chinese Communist Party’s (CCP) threat to America’s economic and national security.”
“The report also demonstrates how important it is for the House to pass the Accelerating Holding Foreign Companies Accountable Act, which protects investors by shortening the time frame to remove CCP-controlled Chinese companies from U.S. stock exchanges.”